Gannett Shares Slide on Higher Q3 Results

It beat earnings estimates on record quarterly broadcast revenue


Gannett Shares Slide on Higher Q3 Results

Gannett (NYSE:GCI) announced on Monday that it earned $133.1 million during the third quarter, up 33% from $99.8 million in the same time last year. EPS was 56 cents, up from 41 cents in 2011, and higher than the 53 cents that Wall Street was looking for, Reuters noted.

For the quarter, the newspaper publisher posted revenue of $1.31 billion, up 3.4% from $1.29 billion last year.

newspaper Gannett Shares Slide on Higher Q3 Results
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Investors were unhappy with the results. Shares of Gannett fell more than 2% in Monday morning trading.

Company officials said revenue from its publishing unit fell to $890.2 million, down 3% from last year. By contrast, its broadcasting unit saw revenue jump 36% to $237 million, a quarterly record.

The company noted that third-quarter advertising revenue at its publishing unit fell 6.6% compared to last year. But that was down from an 8% year-over-year decline during the second quarter.

Earlier this month, Gannett threatened to cease broadcasting some of its network-affiliated local stations on Dish Network (NASDAQ:DISH) over a disagreement with the satellite TV provider over its AutoHop commercial-skipping service.

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